The Price of Bitcoin Doesn’t Matter Right Now
The price of Bitcoin has taken bit of a dive over the last couple of days, shedding over 20 percent of its value in the last 24 hours. The sell-off, like other sell-offs and rallies before it, draws a lot of attention and questions about what it means for the future of the technology. Here’s why I don’t focus on price much.
Bitcoin is best thought of as a 5- to 10-year project, and we’re at the very early stages. An (admittedly imperfect) analogy is the early Web.
Like the early Web, Bitcoin is an open platform that no one owns, and on top of which anyone can build without having to get anyone else’s permission. And just like the early Web, success requires investors, entrepreneurs, and developers to build out the infrastructure and applications that will make it useful to average users.
The World Wide Web was conceived by Tim Berners-Lee; he published a paper proposing it in March of 1989. The following year he worked to implement the idea in code, making the first website in December of 1990. The first popular Web browser didn’t come until 1993 when Marc Andreessen and the team at the National Center for Supercomputing Applications released Mosaic. The following year Andreessen started Netscape and released the Netscape Navigator browser in 1994.
This post was published at Wired on 01.14.15.